Di Central Bank of Egypt don announce say all banks for the country go close for six days as part of Eid al-Adha celebration. According to statement wey dem release on Tuesday, banking operations go stop from Tuesday, May 26, to Sunday, May 31, to mark di Day of Arafah and Eid al-Adha. Normal banking go resume on Monday, June 1. For regular days, banks dey open from 8:30am to 3pm, except for Friday and Saturday wey be weekend off.
Meanwhile, di national electricity grid don dey face heavy pressure as load rise to average of 34,000 megawatts per day for May 2026. Dis one show 9% increase compare to same period last year. According to source from Ministry of Electricity and Renewable Energy, di rise dey due to industrial and household consumption wey increase by 8% to 9%. Di expansion of industrial projects and high demand from residential units dey push am up.
Di source add say di remaining gas wey power plants need go come from domestic production, Israeli gas, and some imports through Arab Gas Pipeline. But e warn say LNG prices don rise sharply by 65% to 88% for March and April because of disruptions for energy markets and obstruction of oil and gas tanker traffic through Strait of Hormuz. Di new contracts for LNG now dey cost between $20 to $22 per million British thermal units, while last year e dey around $12 plus $2 for transport, shipping, and regasification.
Di government dey try to reduce gas and fuel oil consumption for conventional power plants as energy import costs dey rise and electricity tariffs dey increase from time to time.
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